By Franklin ASARE-DONKOH
Data from the central bank show that the Government of Ghana’s Treasury bill auction held on January 30, 2026 was oversubscribed by 144%.
The January 30 auction marked the fifth consecutive time Treasury bill auctions have been oversubscribed.
The government raised GH¢12.306bn against an initial target of GH¢6.997bn, exceeding the target by 75.88%.
The auction recorded strong investor interest, with total bids amounting to GH¢17.106bn, nearly 144% above the government’s target, making it the fifth straight oversubscription.
Out of the total bids tendered, the government accepted GH¢12.306bn across the 91-day, 182-day and 364-day tenors to manage its short-term debt obligations.
The 91-day bill attracted bids worth GH¢5.909bn, with GH¢2.785bn accepted at a yield of 10.83%.
The 182-day bill recorded offers of GH¢4.654bn, of which GH¢3.549bn was accepted at a yield of 12.38%.
The 364-day bill, the longest tenor, proved highly popular, drawing GH¢6.541bn in bids. The government accepted GH¢5.971bn at a yield of 12.82%.
Investor demand was spread across all three maturities, although the government remained selective in its acceptance to maintain fiscal balance.
Analysts say the consistent oversubscription reflects renewed confidence in the Ghanaian money market. They attribute the strong demand to easing inflation, which fell to 5.4% in December 2025, a relatively stable cedi and a monetary policy rate of 15.5%.
High liquidity in the banking sector has also contributed, as institutional investors seek safe-haven assets following the country’s successful debt restructuring milestones.
For the next auction scheduled for 6 February 2026, the government has set a target of GH¢4.976bn. Market watchers expect another strong performance, as investors continue to signal optimism about Ghana’s macroeconomic recovery.
